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Biotech / Medical : Biotech News
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From: Dave O.9/3/2009 10:38:33 AM
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10:12 SVNT Savient Pharma: FDA meeting confirmed for mid-September could be a trigger point for an acquirer - JMP Securities (13.90 +0.29)

This morning JMP said the FDA meeting confirmed for mid-September could be a trigger point for an acquirer on Savient Pharmaceuticals. The firm says they learned that the meeting with the FDA to discuss the complete response letter for Krystexxa, tentatively scheduled for mid September, has now been set in stone. They think the company is a take out candidate anytime after the FDA meeting given the potential de-risking of the complete response and believe that a minimum of $20 per share (5 times peak sales of $900 mln, discounted by 25%) could be obtained from a potential buyer. They recommend buying the stock given the strong potential for a take out, which they believe would present at least 45% upside from the current stock price.
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